That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Not the case? This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Crescent Capital Partners General Information. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. A couple more worth highlighting. Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. Average Retirement Savings By Age: Are You Normal? Crescent Capital is a leading investor across . it's been delivered there. Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. (310) 235-5900 Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments And then one more, if I can. Discover more about our company and values. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Excuse me. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. This means the bullish number of . CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. Investors in our funds include both domestic and international pension funds and endowments. Sorry, no results has been found matching your query. 2023 Crescent Capital Group LP. For more information about Crescent. Private Equity Portfolio. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. I will turn the call back to Jason Breaux for closing remarks. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. With that, Id now like to turn it over to Jason. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. LOS ANGELES, February 28, 2023--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor . Thank you! We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. Offerings across the credit quality spectrum 2023 Crescent Capital Investments Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Which investors participated in the most funding rounds within this hub? The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Jason Breaux: Thank you, Dan. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . We attributed the bulk of the quarters NAV decline to widening credit spreads. ", "It has been Crescents human capital that has been most valuable to us. ", "Crescent add value across business development, acquisition and enhancement activities. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. Networking We provide expertise and exposure to a network of relevant business contacts. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. For example S&P 500 Index returned 43.4% in 1958. This video is provided by the Australian Investment Council. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Crescent Capital is a Belfast based venture capital fund manager. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. If you experience any issues with this process, please contact us for further assistance. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. The fund was more than double the size of . If you experience any issues with this process, please contact us for further assistance. Description. For more information about Crescent. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Robert Dodd: Hi guys. What's the most common final funding type when companies get acquired? You must click the activation link in order to complete your subscription. | 25+ years experience in strategy consulting, investment and business management and public company boards. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? How much aggregate funding have these organizations raised over time? Click Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. You should only be asked to sign in once. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Something went wrong while submitting the form. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . Net realizations of $26 million in the fourth quarter, coupled with unrealized mark-to-market losses on our investments ultimately led to our total investment portfolio, holding roughly steady at approximate fair value of $1.3 billion as of December 31, 2022, down approximately $30 million quarter-over-quarter. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Please check your spam or junk folder just in case Do you expect to be running on a combined basis going forward? Good morning, everyone, and thank you for joining our earnings call. Robert Dodd: Got it. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. A reconciliation of adjusted net investment income per share to net investment income per share, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. At December 31, our stockholders equity was $613 million, resulting in net asset value per share of $19.83 as compared to $623 million or $20.16 per share last quarter and $652 million or $21.12 per share at December 31, 2021. After submitting your request, you will receive an activation email to the requested email address. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Diversification will not guarantee profitability or protection against loss. Thank you, operator. We provide support for founders and senior management teams to accelerate the achievement of their goals. Thank you. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. There are significant risks that should be considered and reviewed when considering an investment in real estate. All data as of 12/31/2022. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Read More Our Strategy Learn more about our investing strategy. Before we begin, Ill start with some important reminders. Do you expect to be running lower leverage than was the case to present historically? Jason Breaux: Sure. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. You can enter your email below to get our FREE report. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. What's the investment trend over time for this hub? Read More Our adjusted net investment income per share of $0.49 for the fourth quarter of 2022 compares to $0.42 per share for the prior quarter and $0.43 per share for the fourth quarter of 2021. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. I would now like to turn the conference over to Dan McMahon. Im going to ask you a question that sort of relates to credit . Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. Please also note that past performance or market information is not a guarantee of future results. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor Solutions Group. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. Please go ahead. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. to generate high returns in the 20% to 30% range. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays You can sign up for additional alert options at any time. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Operator: Thank you. WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. Your submission has been received! Crescent Credit. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. The company has a one-year high of $10.68 and a one . Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. The good news is, this powerful new force can help you make a lot of money even in a bear market. Jason Breaux: Yes. We believe an active engagement model is a leading indicator of strong company performance. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020.
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